Proposed Bond Levy (May 7, 2019)
The Ballot Issue
Length of Bond: 27 years
Voted Collection Rate: 5.40 mills
Total: $35.75 million
Proposed Bond Levy
Shall bonds be issued for the Tipp City Exempted Village School District, Miami County, Ohio for the purpose of expanding, renovating, and improving L.T. Ball Intermediate School, with related site improvements and appurtenances thereto; acquiring, constructing, improving, furnishing and equipping existing and new facilities for school district purposes, with related site improvements and appurtenances thereto; and paying locally funded initiatives in connection with the Expedited Local Partnership Program of the Ohio Facilities Construction Commission in the principal amount of $35,750,000, to be repaid annually over a maximum period of 27 years, and an annual levy of property taxes be made outside the ten-mill limitation, estimated by the county auditor to average over the repayment period of the bond issue 5.40 mills for each one dollar of valuation, which amounts to $0.54 for each one hundred dollars of valuation, commencing in 2019, first due in calendar year 2020, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds?
Collection Rate 2020-2024
The remainder of the bond levy from Tippecanoe High School collects at a rate of 3.89 mills until the end of 2024. Being sensitive to the taxpayer burden with both the completion of that bond and addressing the immediate needs in the elementaries, the Board's treasurer has worked with the bond counsel to develop a solution that meets the immediate needs and lightens the tax burden on taxpayers. On January 28, 2019, the Board of Education voted on a resolution for the Elementary Bond Levy that states: "Upon voter approval of the Bonds, the Board intends to levy 3.87 mills for debt service on the Bonds in Tax Collection Years 2020 through 2024." View Full Board Resolution from January 28, 2019
Then in 2025, after the high school bond has been paid off, the collection rates for school district bonds will drop to 5.40 mills.
How much will this cost a TCEVS homeowner per year?
Step 1: Go to the Miami County Auditor's Website. (http://www.miamicountyauditor.org)
Step 2: Select "Search."
Step 3: Complete the search by parcel, owner, or address.
Step 4: Select your property.
Step 5: Select the Valuation tab. Find your Assessed Total Value.
Step 6: Complete the formula.
assessed total value x (.001 x the millage) = cost per year
*The taxable/assessed value is only 35% of your appraised/market total value so you multiply by .35
*You multiply by .001 because each mill is equivalent to one tenth of a cent ($0.001)
Examples Using a $100,000 of Market Total Value (assessed total value $35,000)
Collection Years 2020-2024 at 3.87 mills: $100,000 x .35 x .001 x 3.87 = $135.45 per year
Collection Years 2025-2046 at 5.40 mills: $100,000 x .35 x .001 x 5.4 = $189.00 per year
Collection Rates for 2020-24 (3.87 mills) Market Total Value Assessed Total Cost Homeowner Cost per Year $70,000 $24,500 $94.82 $100,000 $35,000 $135.45 $150,000 $52,500 $203.18 $200,000 $70,000 $270.90 $250,000 $87,500 $338.63 $300,000 $105,000 $406.35 $350,000 $122,500 $474.08 $400,000 $140,000 $541.80 Collection Rates for 2025-46 (5.40 mills) Market Total Value Assessed Total Value Homeowner Cost per Year $70,000 $24,500 $132.30 $100,000 $35,000 $189.00 $150,000 $52,500 $283.50 $200,000 $70,000 $378.00 $250,000 $87,500 $472.50 $300,000 $105,000 $567.00 $350,000 $122,500 $661.50 $400,000 $140,000 $756.00
Tax Credit(s) That Reduce Collection Rates
Homestead Exemption ($33.86 less annually @ 3.87 mills; $47.25 less annually @ 5.40 mills)
View the information from the Ohio Department of Taxation to see if you qualify. Applications for the Homestead exemption are completed with the Miami County Auditor. Collection rates above will be decreased by up to $33.86 annually in 2020-2024 and $47.25 annually in 2025-2046.